Financial Data and Key Metrics Changes - In 2025, the company achieved adjusted earnings of $6.01 per share, reflecting a 12% growth compared to 2024, marking the 19th consecutive year of earnings growth [6][25] - The adjusted gross margin for 2025 was approximately $639 million, with adjusted net income reaching $141 million, both representing double-digit increases over 2024 [25][26] - The company ended 2025 with an equity capitalization of 50%, ahead of the target set at the beginning of the year [8][31] Business Line Data and Key Metrics Changes - The regulated segment's adjusted gross margin was $494 million in 2025, a 12% increase from 2024, driven by capital investments and successful rate cases [30] - The unregulated segment also performed well, with an adjusted gross margin of $145 million, up 13% year-over-year, primarily due to growth in the Marlin Gas Services business [31] Market Data and Key Metrics Changes - The company added nearly 11,000 customers across its natural gas and electric distribution service areas in 2025, with residential customer growth of 4.1% in Delmarva and 3.6% in Florida [9][26] - The company identified growth opportunities in Ohio, particularly for data center build-outs, indicating a strategic focus on expanding its market presence [9][10] Company Strategy and Development Direction - The company’s growth strategy is centered on three pillars: prudent capital deployment, proactive regulatory management, and continuous business transformation [12][21] - For 2026, the company plans to invest $450 million to $500 million in capital expenditures, focusing on technology and infrastructure projects [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to maintain growth despite challenges, emphasizing the importance of regulatory strategies and customer engagement [19][23] - The company reaffirmed its long-term adjusted EPS growth target of 8% and its 2028 EPS guidance of $7.75 to $8.00 per share [34] Other Important Information - The company is undertaking a significant ERP implementation project, expected to enhance operational efficiencies and customer service [22][63] - The company has maintained strong liquidity, with 78% of its total capacity available, positioning itself well for future capital needs [32] Q&A Session Summary Question: Can you walk us through the growth rate from full year 2025 to full year 2027 to reach a full year 2028? - Management reaffirmed the 2028 EPS guidance and noted that long-term EPS CAGR is projected at 8% [38][39] Question: Can you discuss the impact of weather on the first quarter? - Management acknowledged that weather has been a factor, particularly in northern service territories, but emphasized operational stability during cold snaps [44][46] Question: Can you provide an update on the Florida pipeline project? - The company is continuing engineering design on the project and expects to stay on schedule for the estimated project start date [75][76] Question: How are interim rates set in Florida? - Management explained that interim rates are typically calculated based on existing rate base and expected deficiencies, with interim rates anticipated to be effective by early July 2026 [91][92]